EUR/JPY Price Analysis: A move below the 200-day SMA looms

• EUR/JPY remains under pressure and approaches 119.50.
• A breach of the 200-day SMA should open the door to extra losses.

EUR/JPY is navigating the area of multiday lows in the 120.00 neighbourhood, managing to bounce off fresh lows the 119.80 zone.

Following this price action, a potential move to the 200-day SMA in the mid-119.00s looks likely in the short-term horizon.

In the meantime, while above the 200-day SMA, the outlook on the cross is expected to remain positive.

EUR/JPY daily chart